Ballarat's Golden City Hotel to be auctioned off at Crown Casino
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A popular pub and Ballarat Central landmark is expected to attract a price tag of more than $4m when it goes under the hammer at a Melbourne auction next month.
The Golden City Hotel at 429 Sturt St — the building, not the lease — will be part of an investment portfolio auction at Melbourne's Crown Casino on May 14.
The Victorian 1850s two-storey hotel, a landmark on the city's main road, is leased and run by publican Jamie Winton, with options for him to continue doing so until 2054.
Ballarat Colliers agent David Wright said the Golden City Hotel's landlords wished to move on and 'position their money in other ventures'.
He called the hotel a 'longstanding enterprise' that had been 'known for generations' and catered to locals and tourists alike.
'There's a good rent and for all intents and purposes it's a successful business,' Mr Wright said.
'There's no hiding the fact that hospitality has been going through a tough patch.
'However, an iconic establishment like the Golden City Hotel is going to stand the test of time because of its reputation, because of its location.'
Given the venue's net annual income of nearly $389,000, Mr Wright estimated it would sell for $4.3m to $4.6m.
The Golden City Hotel is open every day from 9am to 10pm and has a bar, bistro, cafe, and event and conference rooms.
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